The Managing Director and CEO of the bank, Atul Kumar Goyal, told media that the bank suffered mark-to-market losses to the tune of Rs 1,700 crore due to increase in interest rates.
Banking sources told The New Indian Express that no banks have begun the transfer of loans yet and the same is likely to start only by the end of the September quarter.
The Economic Offences Wing (EOW) of Crime Branch arrested a chartered accountant from New Delhi for his alleged involvement in Punjab National Bank’s (PNB) Rs 6.18 crore loan scam.
Hanung Toys and Textiles was engaged in manufacturing and exports of stuffed toys, home furnishing items, dyeing and bleaching, and processing of fabrics.
It was also alleged the company had inflated its turnover by entering into non-genuine transactions with certain parties.
The new rates are effective from June 1, PNB said in a regulatory filing. The revision follows an off-cycle rate increase by the Reserve Bank in May.
The bank holds 23% in Canara HSBC OBC Life Insurance and 15% in UTI Mutual Fund.
On the occasion, A Udaya Bhaskar Reddy, general manager, Vijayawada circle head conveyed wishes to all customers, stakeholders and staff members.
A bank having a relatively large network of branches in rural areas of a district with adequate financial and manpower resources is generally given the lead bank responsibility for that district.
The company had a payment due of Rs 7,181 crore at the end of March 31, 2021, according to its annual report.
Some of the former employees of the bank who colluded in the scam too would be arrested soon, the SP said.
In view of the ongoing war between Russia and Ukraine, several countries including the US, Canada and certain European nations have blocked some Russian banks from using SWIFT.
Punjab National Bank (PNB) posted a 123% year-on-year (yoy) increase in net profit at Rs 1,127 crore in the third quarter of the current financial year (2021-22) largely on lower provisions.
The ACC has also cleared name of Soma Sankara Prasad, currently Deputy Managing Director, State Bank of India, as Managing Director and Chief Executive Officer in UCO Bank.
In the case of the ICICI Bank, the RBI said the statutory inspection for supervisory evaluation of the bank was conducted by it with reference to its financial position as of March 31, 2019.
"Searches were conducted at the property of the accused in Cuttack and in Dehradun. Further investigation is continuing," said a CBI officer.
Usha Ananthasubramanian was dismissed in August 2018, from Allahabad Bank on the allegation that she failed to exercise proper control over the functioning of PNB while serving as MD of the bank.
The staff members of the bank actively participated in the walkathon and parade at Bandar Road with banners, placards and raised slogans against corruption.
The state-owned bank reported a 78 per cent rise in net profit to Rs 1,105 crore for the second quarter ended on September 30 despite a fall in income.
Shares of the bank were hovering around Rs 65 level during the last week of August 2019 as compared to Rs 35.30 on Monday on the BSE.